25 February 2013 19:43 [Source: ICIS news]
HOUSTON (ICIS)--Lowe’s Home Improvement reported better-than-expected fourth-quarter earnings on Monday, thanks to increased spending on repairs related to Hurricane Sandy that devastated the US east coast in late October.
Lowe’s reported fourth-quarter net income of $288m (€219m). That’s down 11% from net income of $322m a year ago, but better than analysts had expected.
Lowe’s posted sales of $11bn for the quarter, down 5.2% from $11.6bn in the year-ago quarter.
For the full year, Lowe’s net income climbed to nearly $1.96bn, up slightly from $1.84bn a year ago. Sales for 2012 totalled $50.5bn, up from $50.2bn a year earlier.
Lowe’s is the second-largest home-improvement store in the U.S. behind Home Depot, which is expected to report earnings on Tuesday.
The American Chemistry Council (ACC) estimates that each new home built represents some $15,000 worth of chemicals and derivatives used in the structure or in production of component materials.
In addition, every $1,000 spent on non-residential construction generates $160-230 worth of consumption of chemicals and derivatives, according to the ACC.
($1 = €0.76)
Reporting by Mark Yost
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